Nowadays, women are making more money than their life partner, or they are living as a single parent and taking care of the family. Even a homemaker has an incomparable admiration attached to her work in the home.
Despite the career decisions or her marital status, life insurance policy for women is of utmost importance and should not be ignored. In India, the life insurance plans rates are inexpensive than men and can easily suit your income rather than creating a burden.
Why do Women should buy Life Insurance Policy?
Women should be aware of the benefits of getting a life insurance policy, which has features that will help them in many ways.
Following are some benefits of buying a life insurance policy:
Life insurance policy is seen as an instrument, which offers security in terms of finances for the family members if the breadwinner dies. Consequently, a male individual of the family is trusted to buy a life insurance policy. Women, be it any reason, by and large, outlive men, and they require a large fund for their drawn-out consideration. Finally, they require careful planning of finances assuming their part, and they should efficiently think about buying a life insurance policy.
On-time Premium Payment:
When we think about a life insurance policy, there is no requirement of constant checking besides paying your premium within the given date. It is as simple as evaluating the performance of the funds and exchanging funds starting with one class then onto the next classification. The policy continues gaining by means of accrual of the bonus amount. On the off chance that the maturity age is established at beyond 60 years, at that point, she can expect a considerable amount sum. This lump sum amount can be gathered on the maturity of the plan. A part of the lump sum amount can be used for guaranteed requirements if any. Some insurance companies might charge a lower premium considering women as they have more life span over men.
Social Security Cover:
Women also purchase insurance when they feel their life is at higher risk because of health-related problems. Another reason for buying life insurance policy by women is because, in our nation, there is no specific savings framework to help a teenager or a kid who has lost her mother or both their parents. If homemakers buy life insurance, the premium will be aid from the salary of the partner, who is eligible for income tax alleviation under Section 80C. A woman who is earning is also eligible for tax exemption. The amount of premium paid by anyone or by any of the life partner has omitted from the income tax under Section 80C up to rupees 1.5 lakh. Consequently, this is one form of investment, which has the least tax implications, and the insured is not required to consult any financial experts mostly.
So, like men need life insurance, a woman does too. And with the right analysis and research, you can get the best life insurance plan in India.